Pherecydes Pharma SA

Conference call and webcast (English) on Thursday, March 21, 2024 at 9:30am ET / 2:30pm CET Ongoing clinical efforts boding well to create a global phage-therapy leader in high-value indications First clinical results of the Phase 1 study in Endocarditis Infections expected in the second half of 2024Plan to launch the 1st global Phase 2 Proof-Of-Concept study in Prosthetic Joint Infections (PJI) in early 2025, leveraging on PhagoDAIR study Compassionate access program continues to gain momentum with the treatment of around 100 patients suffering from Staphylococcus aureus and Pseudomonas aeruginosa infectionsCash and cash equivalents of €10.5 million ($11.6 million) as of December 31, 2023 Lyon (France) and Cambridge (MA, US), March 20, 2024, at 6 pm CET – PHAXIAM Therapeutics (Euronext: PHXM; FR0011471135), a biopharmaceutical company developing innovative treatments for severe and resistant bacterial infections, today provides a business and financial update for the fiscal year 2023. “2023 was a pivotal year for our development, shaped by the creation of PHAXIAM as a pure player in a very promising field of phage therapy.” stated Thibaut du Fayet, Chief Executive Officer of PHAXIAM Therapeutics. “In this rapidly evolving therapeutic space, driven by the growing challenges of antimicrobial resistance, our strategic focus is on the most resistant bacterial infections, and primarily those related to Staphylococcus aureus. We are therefore pleased to be in close discussions with potential pharma partners and global health authorities, which both confirm the relevance of our strategy. More specifically, the recent feedback received from the FDA and the EMA provide us with clear guidelines for the design of our next global Phase 2 study in Prosthetic Joint Infections. Furthermore, we are about to start the evaluation of our anti-Staphylococcus aureus phages in the endocarditis infections in France. Together, with the growing body of clinical data from the Compassionate and Early-Access treatments, we hope that we can successfully execute our clinical plan with anti-Staphylococcus aureus phages. The field is clearly moving fast forward, as shown by recent global deals, and we are well positioned to become a leading phage-therapy player able to address the most critical indications for which there is currently no relevant solution, particularly for Prosthetic Joint Infections, for which we are frontrunners.” MARKET HIGHLIGHTS Phage therapy sector in a spotlight with recent M&A and refinancing deals On March 6, 2024, BiomX, a clinical-stage phage-therapy company, announced the acquisition of Adaptive Phage Therapeutics (APT), concurrently with a private placement financing of $50 million, involving several top-tier institutional investors (Deerfield, Orbimed). In the meantime, Armata Pharmaceuticals announced a $35 million refinancing deal. These important transactions demonstrate the growing attractiveness of phage therapy, where PHAXIAM has a prominent role with its unique and leading positioning in Prosthetic Joint Infections (PJI), as the most advanced Phage therapy player in Europe. BUSINESS HIGHLIGHTS a) Confirmed strategic focus on Phage Therapy in high-value indications with a strong competitive positionPHAXIAM has been refocusing its clinical development programs in indications of high medical needs, mainly for patients with severe and resistant Staphylococcus aureus (S. Aureus) infections, often associated with high mortality and budget impact. This is particularly the case for PJI, where PHAXIAM has a reinforced strategic and leading position. With the signs of clinical activity, we are observing in our compassionate and early-access (AAC, Autorisation d’Accès Compassionnel – the French early access program) patients, and a best-suited approach of local administration of phages allowed in this indication, we strongly believe that PJI is the best option to bring phages as soon as possible as a first indication toward proof-of-concept and registration. Beyond PJI, as lead indication, PHAXIAM has launched another strategic clinical study (Phase I PK) in Endocarditis infections, reinforcing its ambition to be a leader in innovative therapies to those patients who failed traditional antimicrobial treatments. b) Significant progress in Clinical and Regulatory strategy for the S. aureus program Prosthetic Joint Infections (PJI): set for the first global Phase 2 study potentially enabling an Early Access Pathway in Europe Leveraging on promising activity signals from real-life compassionate treatments and valuable insights from the current PhagoDAIR pilot study, PHAXIAM is preparing the initiation of the 1st global (EU/US) Phase 2 study for PJI patients (Hip or Knee prosthesis) having an open-surgery debridement (DAIR) in combination with antibiotics. PHAXIAM has received positive and consistent feedback from both the FDA (Pre-IND meeting) and the EMA (Scientific Advice) with a view to launching this large-scale study, including the following key points and recommendations: Confirmation of the value of a clinical development in this indication;Confirmation that PHAXIAM’s non-clinical data and CMC capabilities support a formal clinical development plan in Europe and in the United States;Confirmation of the target population and the Standard of Care to be considered; the exclusion/inclusion criteria allow to target a population approximately 6 times larger compared to the current PhagoDAIR study;Clear and consistent guidelines and expectations in terms of CMC and clinical endpoints. PHAXIAM considers (1) accelerating the transitioning of PJI clinical development effort into the new and more ambitious global Phase 2 proof-of-concept study, (2) providing PhagoDAIR pilot study clinical data at the end of 2024. The Phase 2 proof-of-concept study is intended to be a multicentric, randomized, double-blind trial and is expected to include 100 patients in Europe and the US. PHAXIAM intends to file a Clinical Trial Application (CTA) with the EMA and the FDA in mid-2024 in view of starting patient enrollment in early 2025. Upon a successful completion of this clinical study (2H 2026), PHAXIAM may potentially open an Early Access Pathway for the registration of a first phage therapy treatment for PJI in Europe. Endocarditis Infections (EI): initiate a 2nd clinical study in an indication targeting vital cardiac valves infections PHAXIAM has obtained approvals from the French ANSM and South-East II-Lyon Ethics Committee to launch a phase 1 study (PK data) in Endocarditis Infections caused by S. aureus, to evaluate the safety of intravenous administration (IV) of its anti-S. aureus phages. The study, conducted in 5 French hospitals, is about to start and should enroll 12 patients requiring replacement of an infected heart valve.First clinical results are expected in H2 2024. If positive, these results could allow PHAXIAM to (1) accelerate a clinical development in this indication and to (2) use the IV administration for other indications requiring this administration route, such as bacteriemia. c) Robust real-life activity data obtained from compassionate treatmentsIn June 2022, the ANSM granted PHAXIAM an AAC (Autorisation d’Accès Compassionnel) and, to date, approximately 100 patients have already been treated under this regulatory status for different indications, with a majority in PJI indication. Data from the first 77 patients evaluated so far show promising results with infection control at 3 months (clinical endpoint), reaching approximately 80%, considered as a significant improvement over standard of care (SoC) in this hard-to-treat patient population with severe resistant infections, often undergoing 2nd or 3rd line SoC antibiotic treatment. PHAXIAM has applied for a second AAC regulatory validation, for PJI patients associated with P. aeruginosa resistance. This AAC is currently being evaluated by the ANSM for a potential final validation in 2024. d) Partnering optionsAs part of its strategic development strategy, PHAXIAM is entertaining partnership discussions with pharmaceutical companies, to investigate relevant collaboration options. e) Complementary Investigator-sponsored trialsIn addition to PHAXIAM’s clinical activities, two French university hospitals are preparing for Investigator-Sponsored Trials (IST) with PHAXIAM’s phages. These studies are the opportunity for PHAXIAM to potentially bring additional clinical POC data in other high-value indications: Phase 2 IST in Diabetic Foot Ulcer (DFU): this clinical study by Nîmes Hospitals, is targeting DFU infections due to mono-bacterial S. aureus infection.Phase 2 IST in complex Respiratory Tract Infections (VAP): this clinical study by La Pitié Salpêtrière Hospital in Paris, is targeting nosocomial pulmonary infections due to Pseudomonas aeruginosa, including patients with ventilation-associated pneumopathies (VAP), a growing concern in hospital environments. Investigator-initiated studies are funded by hospital’s clinical research programs and their execution and schedule are entirely under the responsibility of the sponsoring centers. FY 2023 FINANCIAL RESULTS Key financial figures for the twelve months of 2023 compared with the same period of the previous year are summarized below. In the context of the Erytech-Pherecydes merger, PHAXIAM’s consolidated financial statements in IFRS standards include ex-Pherecydes financial results as from the date of the merger, i.e. June 23, 2023. Consequently, PHAXIAM’s P&L information for the full-year 2023 include 12 months of ex-Erytech activities and 6 months of ex-Pherecydes activities. In thousands of euros FY202312 monthsFY202212 monthsRevenues — —Net income from asset sale 24,351Other income 1,3266,647Operating income 1,32630,998Research and development (10,910)(19,907)General and administrative (14,076)(13,887)Operating expenses (24,986)(33,793)Operating income (loss) (23,660)(2,796)Financial income 4744,453Financial expenses (511)(1,364)Financial income (loss) 373,089Income tax 208(521)Net loss (23,488)(227) Operating expenses of €25.0 million in the full-year 2023 were €8.8 million lower (-26%) than in the previous year. The decrease was driven by the reduction of ex-Erytech R&D expenses, mostly related to the closing of Princeton operations and the termination of clinical development activities, while new ex-Pherecydes development activities were integrated in the P&L as of 2H 2023. Overall, R&D expenses were reduced by €9.0 million (-45%) year-over-year. PHAXIAM’s G&A expenses in the full-year 2023 were stable year-over-year (+€0.2 million, i.e. +1%), including one-off expenses related to the merger and integration activities. Net loss for the full-year 2023 was €23.5 million, compared with a net loss of €0.2 million for the same period of 2022, which benefited from the €24.4 million net gain on the sale of the Princeton facility in April 2022. As of December 31, 2023, PHAXIAM had cash and cash equivalents totaling €10.5 million (approximately $11.6 million), compared with €38.8 million as of December 31, 2022. The €28.3 million decrease in cash position during the twelve months of 2023 was the result of a €24.3 million net cash utilization in operating activities and investing activities and €3.7 million used in financing activities, mostly related to the reimbursement of the ‘PGE’ Covid-loan, while the variation of the U.S. dollar against the euro led to a €0.3 million negative currency exchange impact. The current cash position can fund PHAXIAM’s programs and planned operating expenses into September 2024. EFFECTIVENESS OF VOLUNTARY DELISTING OF AMERICAN DEPOSITARY SHARES FROM NASDAQ STOCK MARKET On March 11, 2024, PHAXIAM announced that the Company’s voluntary delisting of American Depositary Shares (“ADSs”) representing its ordinary shares from The Nasdaq Capital Market had become effective. This delisting significantly reduces PHAXIAM’s cash utilization and enables the Company to focus its financial resources on key development and value milestones. The Company remains listed on Euronext Paris as its primary trading market and intends to continue its disclosures in compliance with applicable French financial market regulations. KEY NEWSFLOW AND MILESTONES EXPECTED OVER THE NEXT 12 MONTHS First Patient-In for Phase 1 study in EI (2Q 2024) CTA filing for the global Phase 2 study in PJI (3Q 2024)Global Phase 2 study in PJI Approval (4Q 2024)PhagoDAIR pilot study in PJI clinical data (end 2024)Preliminary PK data from the Phase 1 study in EI (2H 2024)Launch of the global Phase 2 study in PJI (early 1Q 2025) FY 2023 CONFERENCE CALL DETAILS PHAXIAM management will hold a conference call and webcast on Thursday, March 21, 2024, at 9:30am ET / 2:30pm CET on the 2023 Full-Year results and Business Update. Thibaut du Fayet, CEO, Eric Soyer, COO/CFO and Pascal Birman, CMO, will deliver a brief presentation in English, followed by a Q&A session. The audio call is accessible via the below registering link: https://register.vevent.com/register/BIc5665a54501d4da0860376430792d4f5 Once registered, participants will receive a unique access code and the call number details to join the teleconference. The webcast can be followed live online via the link: https://edge.media-server.com/mmc/p/3wxbu7c7 In addition, the replay of the webcast will be available for a period of one year on this same link. FINANCIAL CALENDAR Update on business and key financial data for Q1 2024: May 15, 2024 (after market close)Annual General Meeting on June 28, 2024 *** About PHAXIAM Therapeutics PHAXIAM is a biopharmaceutical company developing innovative treatments for resistant bacterial infections, which are responsible for many serious infections. The company is building on an innovative approach based on the use of phages, natural bacterial-killing viruses. PHAXIAM is developing a portfolio of phages targeting 3 of the most resistant and dangerous bacteria, which together account for more than two-thirds of resistant hospital-acquired infections: Staphylococcus aureus, Escherichia coli and Pseudomonas aeruginosa. PHAXIAM is listed on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: PHXM). PHAXIAM is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes. For more information, please visit www.phaxiam.com Contacts PHAXIAMEric SoyerCOO & CFO+33 4 78 74 44 38 investors@phaxiam.comNewCap Mathilde Bohin / Dušan OrešanskýInvestor RelationsArthur RouilléMedia Relations+33 1 44 71 94 94 phaxiam@newcap.eu Forward-looking information This press release contains forward-looking statements, forecasts and estimates with respect to the clinical programs, development plans, business and regulatory strategy and anticipated future performance of PHAXIAM and of the market in which it operates. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. All statements contained in this press release other than statements of historical facts are forward-looking statements. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond PHAXIAM's control. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) the inability to maintain the listing of PHAXIAM’s shares on the Nasdaq Capital Market and the Euronext regulated market; (2) changes in applicable laws or regulations; (3) the possibility that PHAXIAM may be adversely affected by other economic, business and/or competitive factors; and (4) other risks and uncertainties indicated from time to time in PHAXIAM’s regulatory filings. Further description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), the Company’s Securities and Exchange Commission (SEC) filings and reports, including in the Company’s 2022 Universal Registration Document (Document d’Enregistrement Universel) filed with the AMF on March 28, 2023 and in the Company’s Annual Report on Form 20-F filed with the SEC on March 28, 2023 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements. PHAXIAM disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in PHAXIAM’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law. Attachment PR_PHAXIAM_FYR-2023_EN_VF

PHAXIAM Therapeutics announces intention to voluntary delist American Depositary Shares from The Nasdaq Capital Market PHAXIAM remains listed on Euronext Paris as its primary trading marketNasdaq delisting will significantly reduce PHAXIAM’s cash utilization and enable the Company to focus its financial resources on key development and value milestones Lyon (France) and Cambridge (MA, US), February 20, 2024, at 10:05pm CET – PHAXIAM Therapeutics (Nasdaq & Euronext: PHXM), a biopharmaceutical company developing innovative treatments for severe and resistant bacterial infections, today announced it has given formal notice to the Nasdaq Stock Market of the Company’s intention to voluntary delist its American Depositary Shares (“ADSs”) representing its ordinary shares, which delisting is anticipated to be effective prior to the opening of trading on March 11, 2024, at which time the ADSs will no longer trade on The Nasdaq Capital Market. Ordinary shares of PHAXIAM Therapeutics have been listed on Euronext Paris since May 2013, originally under the name ERYTECH Pharma and the ticker ERYP before changing its corporate name to PHAXIAM Therapeutics and ticker symbol to PHXM in June 2023 following the merger with Pherecydes Pharma. The Company listed the ADSs on The Nasdaq Global Select Market in November 2017 under the ticker ERYP, and subsequently transferred the listing of its ADSs to The Nasdaq Capital Market in April 2023. The ADSs trade in U.S. dollars. “Given PHAXIAM’s current stage of development, we have determined that delisting from the Nasdaq market was the wisest business and financial decision for the company. Being listed on the Nasdaq market requires significant financial and human resources to maintain proper compliance and reporting standards, which is not appropriate anymore for a company of our size. The delisting will save valuable resources and allow us to focus our optimized organization on key development programs, while maintaining our primary market presence on Euronext Paris”, said Eric Soyer, Chief Financial Officer of PHAXIAM Therapeutics. PHAXIAM Therapeutics remains listed on Euronext Paris as its primary trading market and intends to continue its disclosures in compliance with applicable French financial market regulations. PHAXIAM Therapeutics intends to file a Form 25 and, thereafter, a Form 15F with the U.S. Securities and Exchange Commission (“SEC”) to initiate the removal of the ADS listing and deregistration of the ADSs and underlying ordinary shares under the Securities Exchange Act of 1934, as amended (“Exchange Act”), at which time the Company’s ADSs will no longer trade on The Nasdaq Capital Market and the Company’s reporting obligations with the SEC will be suspended. The ADS delisting will have no impact on the Company’s accounting standards. The documents filed with the SEC will be available on the Company’s website: https://phaxiam.com/en/investors/. Information for ADS Holders The Bank of New York Mellon serves as depositary (the “Depositary”) for the Company’s ADS facility. Each ADS represents one ordinary share. PHAXIAM intends to terminate the Amended and Restated Deposit Agreement, dated May 14, 2018, among the Company, the Depositary and owners and holders of ADSs (the “Deposit Agreement”) on or about May 20, 2024. Under the terms of the Deposit Agreement, ADS holders will have until at least May 20, 2024 to surrender ADSs for delivery of the underlying ordinary shares. If you surrender ADSs for delivery of the underlying ordinary shares, you must pay a cable fee of $17.50. To exchange ADSs for the Company’s ordinary shares, ADS holders should instruct their brokers to surrender ADSs to The Bank of New York Mellon (DTC No. 2504). In connection with this surrender, brokers should include ongoing ordinary share delivery instructions in the comments field within DTC, including information such as the name and BIC of the appropriate local bank/broker and/or appropriate delivery code, beneficiary name and account number. U.S. brokers holding ADSs on behalf of their clients, can reach out to DRSettlements@BNYMellon.com for questions regarding the conversion and settlement process.On or about May 20, 2024, the Depositary may elect to sell the underlying ordinary shares. If the Depositary has sold such shares, holders of ADSs must surrender such securities in order to obtain payment of the sale proceeds of the underlying ordinary shares, net of the expenses of sale, any applicable U.S. or local taxes or government charges and a cancellation fee of up to $0.05 per ADS. To surrender American Depositary Receipts (“ADRs”), the address of the Depositary is: The Bank of New York Mellon, 250 Greenwich Street, New York, New York 10286, Attention: Depositary Receipt Administration. Registered or overnight mail is the suggested method of delivering ADRs to the Depositary. For Settlement specific inquiries, please contact DRsettlements@bnymellon.com. Investors may still present ADSs to The Bank of New York Mellon. Investors will receive either the underlying ordinary shares (if those have not yet been sold by the Depositary) or the cash received by the Depositary received upon sale of underlying ordinary shares, net of fees, if those underlying ordinary shares were sold. For more information, investors should contact DRsettlements@bnymellon.com. About PHAXIAM Therapeutics PHAXIAM is a biopharmaceutical company developing innovative treatments for resistant bacterial infections, which are responsible for many serious infections. The company is building on an innovative approach based on the use of phages, natural bacterial-killing viruses. PHAXIAM is developing a portfolio of phages targeting 3 of the most resistant and dangerous bacteria, which together account for more than two-thirds of resistant hospital-acquired infections: Staphylococcus aureus, Escherichia coli and Pseudomonas aeruginosa. PHAXIAM is listed on the Nasdaq Capital Market in the United States (ticker: PHXM) and on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: PHXM). PHAXIAM is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes. For more information, please visit www.phaxiam.com Contacts PHAXIAMEric SoyerCOO & CFO+33 4 78 74 44 38 investors@phaxiam.comNewCap Mathilde Bohin / Dušan OrešanskýInvestor RelationsArthur RouilléMedia Relations+33 1 44 71 94 94 phaxiam@newcap.eu Forward-looking information This press release contains forward-looking statements, forecasts and estimates with respect to the clinical programs, development plans, business and regulatory strategy and anticipated future performance of PHAXIAM and of the market in which it operates. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. All statements contained in this press release other than statements of historical facts are forward-looking statements. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond PHAXIAM's control. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) the inability to maintain the listing of PHAXIAM’s shares on the Nasdaq Capital Market and the Euronext regulated market; (2) changes in applicable laws or regulations; (3) the possibility that PHAXIAM may be adversely affected by other economic, business and/or competitive factors; and (4) other risks and uncertainties indicated from time to time in PHAXIAM’s regulatory filings. Further description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), the Company’s Securities and Exchange Commission (SEC) filings and reports, including in the Company’s 2022 Universal Registration Document (Document d’Enregistrement Universel) filed with the AMF on March 28, 2023 and in the Company’s Annual Report on Form 20-F filed with the SEC on March 28, 2023 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements. PHAXIAM disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in PHAXIAM’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law. PHAXIAM remains listed on Euronext Paris as its primary trading marketNasdaq delisting will significantly reduce PHAXIAM’s cash utilization and enable the Company to focus its financial resources on key development and value milestones Lyon (France) and Cambridge (MA, US), February 20, 2024, at 10:05pm CET – PHAXIAM Therapeutics (Nasdaq & Euronext: PHXM), a biopharmaceutical company developing innovative treatments for severe and resistant bacterial infections, today announced it has given formal notice to the Nasdaq Stock Market of the Company’s intention to voluntary delist its American Depositary Shares (“ADSs”) representing its ordinary shares, which delisting is anticipated to be effective prior to the opening of trading on March 11, 2024, at which time the ADSs will no longer trade on The Nasdaq Capital Market. Ordinary shares of PHAXIAM Therapeutics have been listed on Euronext Paris since May 2013, originally under the name ERYTECH Pharma and the ticker ERYP before changing its corporate name to PHAXIAM Therapeutics and ticker symbol to PHXM in June 2023 following the merger with Pherecydes Pharma. The Company listed the ADSs on The Nasdaq Global Select Market in November 2017 under the ticker ERYP, and subsequently transferred the listing of its ADSs to The Nasdaq Capital Market in April 2023. The ADSs trade in U.S. dollars. “Given PHAXIAM’s current stage of development, we have determined that delisting from the Nasdaq market was the wisest business and financial decision for the company. Being listed on the Nasdaq market requires significant financial and human resources to maintain proper compliance and reporting standards, which is not appropriate anymore for a company of our size. The delisting will save valuable resources and allow us to focus our optimized organization on key development programs, while maintaining our primary market presence on Euronext Paris”, said Eric Soyer, Chief Financial Officer of PHAXIAM Therapeutics. PHAXIAM Therapeutics remains listed on Euronext Paris as its primary trading market and intends to continue its disclosures in compliance with applicable French financial market regulations. PHAXIAM Therapeutics intends to file a Form 25 and, thereafter, a Form 15F with the U.S. Securities and Exchange Commission (“SEC”) to initiate the removal of the ADS listing and deregistration of the ADSs and underlying ordinary shares under the Securities Exchange Act of 1934, as amended (“Exchange Act”), at which time the Company’s ADSs will no longer trade on The Nasdaq Capital Market and the Company’s reporting obligations with the SEC will be suspended. The ADS delisting will have no impact on the Company’s accounting standards. The documents filed with the SEC will be available on the Company’s website: https://phaxiam.com/en/investors/. Information for ADS Holders The Bank of New York Mellon serves as depositary (the “Depositary”) for the Company’s ADS facility. Each ADS represents one ordinary share. PHAXIAM intends to terminate the Amended and Restated Deposit Agreement, dated May 14, 2018, among the Company, the Depositary and owners and holders of ADSs (the “Deposit Agreement”) on or about May 20, 2024. Under the terms of the Deposit Agreement, ADS holders will have until at least May 20, 2024 to surrender ADSs for delivery of the underlying ordinary shares. If you surrender ADSs for delivery of the underlying ordinary shares, you must pay a cable fee of $17.50. To exchange ADSs for the Company’s ordinary shares, ADS holders should instruct their brokers to surrender ADSs to The Bank of New York Mellon (DTC No. 2504). In connection with this surrender, brokers should include ongoing ordinary share delivery instructions in the comments field within DTC, including information such as the name and BIC of the appropriate local bank/broker and/or appropriate delivery code, beneficiary name and account number. U.S. brokers holding ADSs on behalf of their clients, can reach out to DRSettlements@BNYMellon.com for questions regarding the conversion and settlement process.On or about May 20, 2024, the Depositary may elect to sell the underlying ordinary shares. If the Depositary has sold such shares, holders of ADSs must surrender such securities in order to obtain payment of the sale proceeds of the underlying ordinary shares, net of the expenses of sale, any applicable U.S. or local taxes or government charges and a cancellation fee of up to $0.05 per ADS. To surrender American Depositary Receipts (“ADRs”), the address of the Depositary is: The Bank of New York Mellon, 250 Greenwich Street, New York, New York 10286, Attention: Depositary Receipt Administration. Registered or overnight mail is the suggested method of delivering ADRs to the Depositary. For Settlement specific inquiries, please contact DRsettlements@bnymellon.com. Investors may still present ADSs to The Bank of New York Mellon. Investors will receive either the underlying ordinary shares (if those have not yet been sold by the Depositary) or the cash received by the Depositary received upon sale of underlying ordinary shares, net of fees, if those underlying ordinary shares were sold. For more information, investors should contact DRsettlements@bnymellon.com. About PHAXIAM Therapeutics PHAXIAM is a biopharmaceutical company developing innovative treatments for resistant bacterial infections, which are responsible for many serious infections. The company is building on an innovative approach based on the use of phages, natural bacterial-killing viruses. PHAXIAM is developing a portfolio of phages targeting 3 of the most resistant and dangerous bacteria, which together account for more than two-thirds of resistant hospital-acquired infections: Staphylococcus aureus, Escherichia coli and Pseudomonas aeruginosa. PHAXIAM is listed on the Nasdaq Capital Market in the United States (ticker: PHXM) and on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: PHXM). PHAXIAM is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes. For more information, please visit www.phaxiam.com Contacts PHAXIAMEric SoyerCOO & CFO+33 4 78 74 44 38 investors@phaxiam.comNewCap Mathilde Bohin / Dušan OrešanskýInvestor RelationsArthur RouilléMedia Relations+33 1 44 71 94 94 phaxiam@newcap.eu Forward-looking information This press release contains forward-looking statements, forecasts and estimates with respect to the clinical programs, development plans, business and regulatory strategy and anticipated future performance of PHAXIAM and of the market in which it operates. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. All statements contained in this press release other than statements of historical facts are forward-looking statements. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond PHAXIAM's control. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) the inability to maintain the listing of PHAXIAM’s shares on the Nasdaq Capital Market and the Euronext regulated market; (2) changes in applicable laws or regulations; (3) the possibility that PHAXIAM may be adversely affected by other economic, business and/or competitive factors; and (4) other risks and uncertainties indicated from time to time in PHAXIAM’s regulatory filings. Further description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), the Company’s Securities and Exchange Commission (SEC) filings and reports, including in the Company’s 2022 Universal Registration Document (Document d’Enregistrement Universel) filed with the AMF on March 28, 2023 and in the Company’s Annual Report on Form 20-F filed with the SEC on March 28, 2023 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements. PHAXIAM disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in PHAXIAM’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law. Attachment 20240220_PR_PHAXIAM_Nasdaq_delisting_EN

Conference call and webcast (English) on Wednesday, November 15, 2023 at 8:30am ET / 2:30pm CET Ambitious clinical development strategy progressing to create a global phage therapy leader in high-value indicationsEarly access program continues to gain momentum with the treatment of more than 90 patients suffering from severe and resistant infection prosthetic joint infections of the hip or knee (PJI) Cash and cash equivalents of €15.6 million ($16.5 million) as of September 30, 2023 Lyon (France) et Cambridge (MA, US), November 14, 2023, at 10:05pm CET – PHAXIAM Therapeutics (Nasdaq & Euronext: PHXM), a biopharmaceutical company developing innovative treatments for severe and resistant bacterial infections, today provides a business and financial update for the third quarter of 2023. “The third quarter of 2023 was a prolific period during which we managed to move forward with our development programs and benefited from the complementarities of our teams in the context of the merger completion” stated Thibaut du Fayet, Chief Executive Officer of PHAXIAM Therapeutics. “Regarding our clinical plan, we obtained valuable feedback from the FDA confirming the value of our main asset, anti-S. aureus Phages, for a development in the United States. We plan to design a global consolidated development plan once we get the EMA scientific advice feedback in the coming weeks. In parallel, the enrolment of the first patient in our Phase 1 endocarditis infections study, expected around the end of the year, will be another major step forward for PHAXIAM in its strategic positioning to target indications of very high clinical value.” BUSINESS HIGHLIGHTS a) Confirmed strategic focus on Phage Therapy in high-value indicationsPHAXIAM has been refocusing its clinical development programs in indications of high medical needs, for patients with severe resistant infections, often associated with high mortality and budget impact. This quarter’s clinical progress of PHAXIAM’s key therapeutic programs, particularly with its lead program targeting resistant S. aureus infections, confirms the Company's advanced positioning in phage therapy. b) Significant progress in the Clinical and Regulatory strategy S. Aureus program With its lead S. aureus program, PHAXIAM pursues the ambition to propose a therapeutic solution to patients who failed traditional antimicrobial treatments in complex mono-bacterial S. aureus infections in several high-value indications, starting with Prosthetic Joint Infections and Endocarditis Infections. Prosthetic Joint Infections (PJI) Leveraging on promising activity signals from real-life compassionate treatments, PHAXIAM is preparing the initiation of a global (EU/US) study for PJI patients having an open-surgery debridement (DAIR) in combination with antibiotics. PHAXIAM received feedback from FDA on the next steps for its clinical development plan in PJI, with the following key points: Confirmation of the value of a clinical development in this indication,Confirmation that PHAXIAM’s non-clinical data and CMC capabilities support a formal clinical development plan in the US,FDA provided PHAXIAM with clear guidelines for a Phase 2 study in the US. A Scientific Advice meeting with the European Medicines Agency (EMA) is expected to take place in January 2024 and its outcomes, combined with the recommendations from the FDA, will be the basis to design PHAXIAM’s future global (EU/US) clinical plan in PJI. Endocarditis Infections (EI) PHAXIAM is preparing the launch of a phase 1 trial (PK data) in Endocarditis Infections caused by S. aureus, to evaluate intravenous administration of phages for EI. The results, if positive, could allow PHAXIAM to use this administration route for other indications. In October, PHAXIAM obtained approvals from the French ANSM and South-East II-Lyon Ethics Committee to launch the study that should enroll 12 patients requiring replacement of an infected heart valve. The enrollment is targeted to start by the end of 2023 and the first study results are expected in mid-2024. Robust real-life activity data from compassionate treatments In June 2022, the ANSM granted PHAXIAM an AAC (Autorisation d’Accès Compassionnel – early access program) and to date, more than 90 patients have been treated under the compassionate/AAC status. Data from the first 77 PJI patients evaluated so far show promising clinical data for infection control at 3 months, considered as a significant improvement over standard of care in this hard-to-treat patient population with severe resistant infections. The Company has applied for a second AAC regulatory validation for PJI patients, associated with P. aeruginosa resistance. c) Confirmed efficiency of Phagogram, PHAXIAM’s proprietary platform to assess phage activityPhagogram is an in vitro diagnostic (IVD) test designed to determine the in-vitro activity of PHAXIAM’s phages to patients’ bacterial strains. It is the first CE-marked IVD test dedicated to phage activity evaluation. In October 2023, the Company announced that the data obtained from Phagogram showed 98% response rate over 105 clinical S. aureus strains, showing the highest spectrum of activity of the anti-S. aureus phages among other competing solutions. These data clearly demonstrate the efficiency of PHAXIAM’s phagogram for the current and upcoming clinical developments. It also proves how it is a unique asset for the development of other phages in PHAXIAM’s portfolio. d) Preclinical research programs initiated to reinforce PHAXIAM’s phage therapy platformPHAXIAM launched several strategic research programs to reinforce its current clinical programs and prepare future developments, including with the extension of the current phage bank for E. coli and P. aeruginosa to increase resistant infections coverage and the demonstration of a Pre-clinical POC for Endolysins. On September 19, 2023, the Company announced the extension of its portfolio to Klebsiella pneumoniae, a new resistant aggressive bacterial target, very complementary to the first 3 pathogens (S. aureus, P. aeruginosa, E. coli)A strategic research program, PhageBac, targeting Bacteremia, has been initiated. Currently at preclinical stage, this program is aiming at controlling blood infection and the risk of secondary infection with mono-bacterial infection due to S. aureus, P. aeruginosa, or E. coli.In October 2023, PHAXIAM concluded a strategic research partnership with Vetophage, a biotechnology company specialized in veterinary phage therapy, to combine expertise in the research of new phages and phage endolysins. This agreement provides PHAXIAM with exclusive licensing options on specified phages and endolysins from the Vetophage platform, to further strengthen its product portfolio in human health. Q3 2023 FINANCIAL RESULTS (unaudited) Key financial figures for the first nine months of 2023 compared with the same period of the previous year are summarized below. In the context of the Erytech-Pherecydes merger, PHAXIAM’s consolidated financial statements in IFRS standards include ex-Pherecydes financial results as from the date of the merger, i.e. June 23, 2023. Consequently, PHAXIAM’s P&L information for the first 9 months of 2023 include 9 months of ex-Erytech activities and ex-Pherecydes activities since June 23, 2023. In thousands of euros Q3 2023 ytd9 months(unaudited)Q3 2022 ytd9 months(unaudited)Revenues — —Net income from asset sale 924,351Other income 4751,423Operating income 48425,774Research and development (6,756)(20,377)General and administrative (11,875)(10,870)Operating expenses (18,631)(31,248)Operating income (loss) (18,147)(5,474)Financial income 4654,031Financial expenses (417)(881)Financial income (loss) 483,150Income tax 208(3,838)Net loss (17,891)(6,163) Operating expenses of €18.6 million in the first nine months of 2023 were 40% lower (i.e. a €12.6 million reduction) than in the previous year, the decrease being driven by the 67% reduction of R&D expenses, mostly driven by the closing of Princeton operations and the termination of ex-Erytech clinical development activities. PHAXIAM’s G&A expenses in the first nine months of 2023 increased by €1.0 million (+9%) versus the previous year, an increase related to the merger transaction and other merger-related costs. Net loss for the first nine months of 2023 was €17.9 million, compared with a net loss of €6.2 million for the same period of 2022, which benefited from the €24.4 million net gain on the sale of the Princeton facility in April 2022. As of September 30, 2023, PHAXIAM had cash and cash equivalents totaling €15.6 million (approximately $16.5 million), compared with €38.8 million as of December 31, 2022. The €23.2 million decrease in cash position during the first nine months of 2023 was the result of a €20.5 million net cash utilization in operating activities and investing activities and €2.6 million used in financing activities, mostly related to the reimbursement of the ‘PGE’ Covid-loan, while the variation of the U.S. dollar against the euro led to a €0.1 million negative currency exchange impact. The Company believes that its current cash position can fund its current programs and planned operating expenses into the second quarter of 2024. KEY NEWSFLOW AND MILESTONES EXPECTED OVER THE NEXT 12 MONTHS Regulatory feedback from the EMA on the next clinical development in PJI (S. aureus) (Q1 2024)First Patient-In for Endocarditis study (S. aureus) (around year-end 2023) PhagoDAIR clinical data (H2 2024) Q3 2023 CONFERENCE CALL DETAILS PHAXIAM management will hold a conference call and webcast on Wednesday, November 15, 2023, at 8:30am ET / 2:30pm CET on the Business and Financial Update for the Third Quarter of 2023. Thibaut du Fayet, CEO, Eric Soyer, COO/CFO and Pascal Birman, CMO, will deliver a brief presentation in English, followed by a Q&A session. The audio call is accessible via the below registering link: https://register.vevent.com/register/BIca2c4b7fdc3848098434e7ec14549455 Once registered, participants will receive a unique access code and the call number details to join the teleconference. The webcast can be followed live online via the link: https://edge.media-server.com/mmc/p/omqc7rs2 In addition, the replay of the webcast will be available for a period of one year on this same link. UPCOMING FINANCIAL AND SCIENTIFIC EVENTS Investir Day: November 28, 2023 (Paris, France)Geneva MidCap Event: December 5, 2023 (Geneva, Switzerland) *** About PHAXIAM Therapeutics PHAXIAM is a biopharmaceutical company developing innovative treatments for resistant bacterial infections, which are responsible for many serious infections. The company is building on an innovative approach based on the use of phages, natural bacterial-killing viruses. PHAXIAM is developing a portfolio of phages targeting 3 of the most resistant and dangerous bacteria, which together account for more than two-thirds of resistant hospital-acquired infections: Staphylococcus aureus, Escherichia coli and Pseudomonas aeruginosa. PHAXIAM is listed on the Nasdaq Capital Market in the United States (ticker: PHXM) and on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: PHXM). PHAXIAM is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes. For more information, please visit www.phaxiam.com Contacts PHAXIAMEric SoyerCOO & CFO+33 4 78 74 44 38 investors@phaxiam.comNewCap Mathilde Bohin / Dušan OrešanskýInvestor RelationsArthur RouilléMedia Relations+33 1 44 71 94 94 phaxiam@newcap.eu Forward-looking information This press release contains forward-looking statements, forecasts and estimates with respect to the clinical programs , development plans, business and regulatory strategy and anticipated future performance of PHAXIAM and of the market in which it operates. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. All statements contained in this press release other than statements of historical facts are forward-looking statements. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond PHAXIAM's control. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) the inability to maintain the listing of PHAXIAM’s shares on the Nasdaq Capital Market and the Euronext regulated market; (2) changes in applicable laws or regulations; (3) the possibility that PHAXIAM may be adversely affected by other economic, business and/or competitive factors; and (4) other risks and uncertainties indicated from time to time in PHAXIAM’s regulatory filings. Further description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), the Company’s Securities and Exchange Commission (SEC) filings and reports, including in the Company’s 2022 Universal Registration Document (Document d’Enregistrement Universel) filed with the AMF on March 28, 2023 and in the Company’s Annual Report on Form 20-F filed with the SEC on March 28, 2023 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements. PHAXIAM disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in PHAXIAM’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law. Attachment PR_PHAXIAM_Q3-2023_Update_EN_14-11-2023